Because of supply chain issues, oil prices are one of the biggest factors causing higher inflation. After oil futures crashed into negative last year, they have “overcorrected” and are trading above pre-pandemic levels. This has been a headache for most policymakers, but it’s particularly troublesome for the Biden Administration. In fact, higher gasoline prices can become a political issue, and with the President expanding his net disapproval rating, it’s necessary to do more. For most of the year, the Biden Administration has been asking OPEC+ to increase production faster to tamp down energy prices. However, the ... (full story)